Top 6 wealth management firms in the country
Wealth management is a professional approach towards managing the savings and investment of clients. It is a more stable source of revenue in comparison to investment banking. The country has some of the top wealth management firms which offer stable financial services to its clients. The easiest way to find out about them is by comparing them based on their profitability.
Some of the biggest and renowned wealth management firms are listed here.
This company ranks number one on the list of the top wealth management firms. It generates more than $3 billion as earnings before tax from activities related to wealth management and is reputed for a stringent cost-cutting approach. Apart from a number of clients in the country, it has a range of Swiss and European clients.
- Wells Fargo
Wells Fargo is not a new name in the industry. It offers diverse wealth management services and stands third in the market. It boasts a profit of more than $2 billion and represents 10 percent of the corporate total with regard to banking operations.
- Credit Suisse
Credit Suisse is a leader in the industry and is considered one of the top wealth management firms. It generates maximum profit from wealth management and is also a major player in the securities brokerage and private banking sector.
- Bank of America
This is in close competition with Morgan Stanley in terms of its team of expert financial advisors. Bank of America has about 15,000 financial advisors and its revenue is close to around $1 million. Merrill Lynch is a subsidiary of this bank.
- JPMorgan Chase
JPMorgan Chase is the amalgamation of Chase Bank, Bank One, and J. P. Morgan & Co. Its revenue generated through wealth management is close to $1.5 billion, which is just a little more than 5 percent of the total business of the company.
- Morgan Stanley
Morgan Stanley became a huge name in the market after Smith Barney joined hands with Morgan Stanley’s Global Wealth Management Group. Its wealth management section contributes to more than half of the company’s total profit.
These six wealth management firms in the country have generated huge profits through their services of wealth management and have some of the biggest names as their clients. They use impressive strategies to increase the wealth of every client who uses their services.